Yamaha Motor Co., Ltd. (the "Company") has revised its forecast consolidated and non-consolidated financial results, and forecast cash dividends for fiscal 2008 (January 1, 2008 through December 31, 2008). The original forecasts were released on July 31, 2008.

1. Revised Forecast Financial Results for the Fiscal Year Ended December 31, 2008

The financial crisis that began in mid-September 2008 has rapidly impacted the economy, significantly decreasing demand in all the Company's business segments, and reducing net sales for fiscal 2008. In addition, the yen is stronger than initially projected, while the declining stock market has triggered a devaluation loss on securities. These factors combined will likely cause both the Company's consolidated and non-consolidated financial results for the fiscal year ended December 31, 2008 to fall below the previously announced forecasts.

2. Revised Forecast Cash Dividends

1) Details on revised forecast cash dividends

Yen

Cash dividends per share

Record date

Interim

Year-end

Annual

Previous forecasts
(released July 31, 2008)

20.50

20.50

41.00

Revised forecasts

―

5.00

25.50

Results for the fiscal yearended December 31, 2008

20.50

―

―

(Reference)
Results for the fiscal year endedDecember 31, 2007

20.50

20.50

41.00

2) Main reasons for the revision

Recognizing that shareholders' interests represent one of Yamaha Motor's highest management priorities, the Company has been aiming to maximize its corporate value through a diversity of business operations worldwide. The Company's dividend policy centers on maintaining long-term steady dividend payments that accurately reflect its consolidated financial performance and other factors in a comprehensive manner, using the payout ratio as an indicator. In addition, the Company is focused on raising its corporate value by investing in new growth fields.

Based on the downward revision of the forecast of the consolidated financial results for the fiscal year ended December 31, 2008, the Company has decided to pay 5 yen per share for the year-end dividend.